What are SRECs?

Solar Renewable Energy Credits (SRECs) are an incentive for homeowners who have solar. The homeowner will receive credits based on how much energy their system produces, which they can then sell back to their utility company. Of the states that offer SRECs, all have varying rates. 

1 SREC = 1000 kWh

For example, your system generates 10,000kWh. This means you have 10 SRECs. If you are in a state that offers a rate of $260/ SREC, the total value of SRECs for their system would amount to $2,600.

(kWh x .001) x SREC rate = value of SRECs

(10,000kWh x .001) x 260 = $2,600

How do I model SRECs in Aurora?

Some SREC programs, like other incentives, are already modeled for you in Aurora’s Database section. To apply these to your project in Sales Mode, navigate to the Adjust Pricing page > Incentives > then search for the incentive you’d like to apply.

SRECs paid out in a lump sum

Most SRECs are paid out incrementally, as in, via smaller payments over time. However, some SRECs (most notably Illinois SRECs) are paid up front as a lump sum determined by the size of the system. 

To model this correctly, the Disbursement Type of the incentive must be set to Lump Sum. Admins can go to the Incentives Database and either create new incentives, or modify existing incentives after duplicating.

Click the three dots on the right side of the page to duplicate the existing incentive. From there, you can edit the disbursement type, or any other parameters.